The UK enters recession at the end of 2023 with GDP falling by 0.3%

UK economy It entered a technical recession at the end of 2023 By sequencing two consecutive quarters of contraction. Specifically, GDP registered a 0.3% decline in the October-December period, the Office for National Statistics reported on Thursday.

Industrial production in December fell by 0.1% compared to November, less than the 0.2% contraction that economists had expected, the Office for National Statistics showed.

In this way, British GDP registered a slight expansion of only 0.2% in the first quarter of 2023, since it remained stagnant between April and June last year and It decreased by 0.1% in the third quarter and 0.3% in the fourth quarter.

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UK GDP is estimated to have risen by 0.1% on average through 2023, after growth of 4.3% in 2022. This is the weakest annual change in real GDP since the 2009 financial crisis, with the exception of 2020, which was affected by the Covid-19 pandemic. 19 epidemic.

British Chancellor of the Exchequer, Jeremy Hunt, said:Low economic growth is not surprising. Naturally, he announced that the economy is taking a turn and that expectations point to stronger growth in the coming years.

“Forecasters agree that growth will strengthen in the coming years, wages are rising faster than prices, mortgage rates are falling, and unemployment remains low,” Hunt said in a statement.

The minister called for “adherence to the plan: Cut taxes on jobs and businesses to build a stronger economy.”

Compared to other major global economies, the British economy only grew more than Germany, which suffered a 0.3% contraction in 2023, but less than the eurozone and the European Union, which each recorded growth of 0.5% annually. 0.9% from France and 0.7% from Italy.

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